Monday May 13th, 2019 by Mike Paulenoff An updated view of my Unfilled Gaps SPY Chart, which shows that from the 12/26/18 SPY low at 233.07 to the 5/01/19 high at 294.95, SPY left behind 8 unfilled gaps. Since SPY peaked on 5/01/19 at 294.95, the price structure has rolled over into a correction that hit a low earlier today at 279.93, or 5% off of the all-time high. Along the way, the decline has has filled the three highest (most recent) unfilled up-gaps, but the weakness itself has created three new unfilled DOWN-GAPS. Today's sharply lower opening left behind a HUGE down-gap from 288.03 to 283.49. So far today, the SPY recovery rally has only been able to climb to 281.97, leaving a considerable distance still to travel before clawing its way into the lower portion of the unfilled down gap starting at 283.50. Finally, let's keep in mind that there are 5 remaining unfilled up-gaps, the next lower being 275.23 down to 274.53 (from 3/11/19). The longer SPY takes to claw its way to fill this AM's down gap open, the more likely we will see the lower 3/11 gap filled, suggesting that SPY is vulnerable to another 2-1/2% decline in the hours immediately ahead... Last is 281.46/47 $SPY $DIA $QQQ Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.